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Lawmakers from both parties called for an investigation into the Treasury's move to ease rules and lift a $400 billion limit on government funds available to Fannie Mae and Freddie Mac. "This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U.S. taxpayers and acting as a back door [Troubled Asset Relief Program]," Rep. Dennis Kucinich, D-Ohio, said in a statement.

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Edward J. DeMarco, director of the Federal Housing Finance Agency, offered a number of scenarios for the future of the U.S. housing sector, including one without Fannie Mae and Freddie Mac. DeMarco said another scenario could include Fannie and Freddie, but the mortgage giants would no longer be dependent on the government. However, he warned that infrastructure must be developed that would allow private firms to re-enter the mortgage market.

Federal Reserve Chairman Ben Bernanke met earlier this week with Rep. Elijah Cummings, D-Md., one of his most vocal and persistent critics. The Senate has not set a date for debate on Mr. Bernanke's confirmation, but the Fed chairman's term expires at the end of January.

Lawmakers from both parties called for an investigation into the Treasury's move to ease rules and lift a $400 billion limit on government funds available to Fannie Mae and Freddie Mac. "This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U.S. taxpayers and acting as a back door [Troubled Asset Relief Program]," Rep. Dennis Kucinich, D-Ohio, said in a statement.

Lawmakers from both parties called for an investigation into the Treasury's move to ease rules and lift a $400 billion limit on government funds available to Fannie Mae and Freddie Mac. "This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U.S. taxpayers and acting as a back door [Troubled Asset Relief Program]," Rep. Dennis Kucinich, D-Ohio, said in a statement.

A U.S. House subcommittee will investigate a ruling by the Internal Revenue Service that reversed existing law and gave Citigroup $38 billion in tax breaks. At a hearing of the Domestic Policy Subcommittee of the House Committee on Oversight and Government Reform, Chairman Dennis Kucinich, D-Ohio, denounced the government's reversal of long-standing law as a "farce" and an "outrage." "This committee is not going to rest until we've examined this last deal threadbare," he said.